How to Be a Master Flipper

Posted by 11 September, 2008

photo by carolynn.will

This is a guest post by Greg Wilson. Greg rehabs about 40 houses a year and does this full time. As Greg would say, “I am the real deal”. If you have questions about rehabbing or “flipping”, he is a good resource. If you have questions about anything real estate related, he is also a good resource since he lives and breathes real estate investing. You can learn more about Greg by visiting his blog: http://blog.successfulrehabbing.com/

SCHEDULING:

Before Purchasing

  1. Schedule your closing 7-10 days before heavy-trash pick up.
  2. Walk the house.
  3. Talk to the neighbors.
  4. Have your contractor walk the house.
  5. Have the house inspected.
  6. Perform pre-foundation repair plumbing tests.
  7. Fix leaks.
  8. Schedule the utilities to be turned on.
  9. Remove non-realty items.
  10. Order insurance.

After Purchasing

  1. Change the locks.
  2. Install a key box.
  3. Clean-up landscaping.
  4. De-trash.
  5. Repair the foundation.
  6. Perform plumbing tests.
  7. Fix leaks.
  8. Replace windows.
  9. Repair woodwork, siding, or masonry as needed.
  10. Paint the exterior.
  11. Repair the roof.
  12. Order your dumpster.
  13. Line up demo workers.
  14. Have the dumpster delivered.
  15. DEMO!
  16. Re-landscape.
  17. Install a “For Sale By Owner” sign.
  18. Send out your local area marketing.
  19. Use a Realtor.
  20. Build out framing.
  21. Install plumbing.
  22. Install electrical.
  23. Repair HVAC.
  24. Install sheet rock.
  25. Tape & Bed.
  26. Apply texture.
  27. Plumbing finish out.
  28. Electrical finish out.
  29. Paint interior.
  30. Switches & outlets.
  31. Change fixtures.
  32. Upgrade appliances.
  33. Install flooring.
  34. Perform non-MLS marketing.
  35. “Outside eyes” review.
  36. Complete punch list #1.
  37. Install carpet.
  38. Complete punch list #2.
  39. List as “Active” with Realtor.
  40. Clean the house.
  41. Marketing.
  42. Hold Open House.

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Comments
September 15, 2009

very useful list of tips.
you have summarized it great.
Thanks.

Posted by bowel cleanse
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